Week of August 17, 2026
Over the long term, capital markets are generally effective at incorporating all relevant information and determining fair asset values. With the S&P 500 near all-time highs, a largely efficient market suggests that investors should be optimistic about the long-term outlook for equities. Are corrections inevitable? Yes. But after more than 40 years as a professional investor, I can attest that while patience allows investors to recover from market declines, there is no way to reclaim the appreciation foregone when market timers move to excess cash in their proscribed long term equity allocation —or all cash—during advancing markets. Our Signals remain unchanged.
Bob Bilkie, CFA
